AI-extracted from the 10-Q filed 2026-08-03 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenue declined 7.6% YoY to $200.6M, hurt by coding/reimbursement uncertainty and WISeR program, though gross margin improved to 85.5% on higher Inspire V mix.
Biggest Revenue Drivers
United States$187.3M-9.6% YoY
Decline driven primarily by adverse impacts of coding and reimbursement challenges and WISeR program requirements.
International$13.3M+33.6% YoY
Growth in select European and Asia Pacific markets.
Biggest Revenue Drivers
Total revenue: $200.6M-7.6% YoY
United States$187.3M-9.6% YoY
Decline driven primarily by adverse impacts of coding and reimbursement challenges and WISeR program requirements.
International$13.3M+33.6% YoY
Growth in select European and Asia Pacific markets.
Largest Expense Items
Selling, general and administrative$147.3M-7.7% YoY
Lower stock-based compensation from prior year accelerated expense and reduced marketing spend.
Research and development$24.7M-5.8% YoY
Lower stock-based compensation and higher internal cost allocations to other departments, partially offset by next-generation generator development.
Cost of goods sold$29.1M-16.0% YoY
Improved by higher gross margin from increased Inspire V system sales mix versus Inspire IV.
Margins: Gross margin improved 150 bps to 85.5% primarily due to higher sales mix of Inspire V system, which carries higher margins than Inspire IV. Operating margin remained slightly negative at -0.3%, as revenue decline offset expense reductions.
Watch Items from the Filing
Coding and reimbursement uncertainty for Inspire V adversely impacting revenue; CPT code volatility and MAC modifier requirements creating claim processing delays and potential physician reimbursement reductions of up to 30%.
WISeR prior authorization program in six pilot states causing delays for Medicare procedures; expected to continue adversely impacting revenue through end of 2026.
GLP-1 drug adoption for OSA in short-term is adversely impacting revenue, though survey indicates long-term patient pool for Inspire therapy may expand.
Project Horizon restructuring plan announced post-quarter expects $20M-$25M pre-tax charges including severance and non-cash supply chain optimization costs; anticipated to generate $30M annualized investment capacity for growth.
Multiple securities class action and derivative lawsuits pending relating to Inspire V launch issues and reimbursement disclosures; DOJ False Claims Act investigation and qui tam lawsuit also ongoing.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Burks CynthiaDirectorGrant or award · Apr 30, 2026
Congress trading in INSP
1 transaction in INSP reported by 1 member of Congress under the STOCK Act, most recent trade Apr 10, 2023. Reported transactions, not recommendations.
About Inspire Medical Systems, Inc. (INSP): stock profile, AI score and financials
Inspire Medical Systems, Inc. (INSP) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores INSP at 64.5/100 on a composite quality score built from its SEC filings, placing it at rank #534 of 2,925 stocks — the top 25% of the AI-ranked universe. INSP scores in the top quartile across balance sheet strength (93.4), profitability (78.9). Areas of concern include institutional flow (22.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 11.9/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Inspire Medical Systems, Inc. reports quarterly revenue of $200.6M, net income of $314.0K, an operating margin of -0.3%. Top institutional holders of INSP by reported 13-F value include BlackRock, WELLINGTON MANAGEMENT GROUP LLP, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. INSP trades on the NYSE exchange and files with the SEC under CIK 1609550. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate INSP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Inspire Medical Systems, Inc. directly from SEC EDGAR.